How Smart Technology Can Lower Your Home Insurance Costs

Just as technology has revolutionized the way cars function and interact with others on the road, new products are now available for homeowners to have the same impact. Devices that make life easier at the touch of a button have the potential to change the way we view real estate and insurance.

Rather than be at the mercy of unexpected expenses relating to utility bills, homeowners can use technology to monitor and control actions in their homes from the convenience of their couches. As a result, these devices have given rise to what are called "smart homes."

The number of smart items is growing every day, and consumers are quickly catching on to ways to better their home living experience - not to mention, insurance companies are also reacting to these new trends.

Just a few of these smart products include:

While these technologies provide homeowners with the chance to better regulate their daily home routines, they also can garner owners insurance discounts.

Security systems

When residents are away, it's important to make sure the home is properly secured. Though an alarm might go off, there is little warning or notification if you're not present. Smart homes are built with wireless capabilities that make it easier to manage who has access to your home. With sensors, cameras and locking mechanisms, your home's security is greatly improved.

When the potential for break-ins, vandalism and theft is reduced, you are less likely to file an insurance claim. As a result, your insurer can grant you a discount on your premiums because you have an updated security system.

Damage-control systems

The problem with fires and leaks is that you usually aren't aware of their presence until it's too late. Though smoke detectors and water meters can provide warning signs of disasters, they don't go far enough in preventing them from happening in the first place.

Smart homes can be controlled from your phone and when connected to your home's water and electrical system, can provide you with real-time updates on how these systems are performing. If you are using more water than normal, you will be notified that there is likely a leak present. This will reduce the chance of a burst pipe or a home flood. Additionally, you can be made aware of air quality levels and overconsumption of electricity, which may be signs of oncoming troubles.

When these crises are averted, your homeowners insurance can be impacted, lowering your rates.

CoverHound is a leading provider of insurance quotes for consumers.